UA trustees accept audit detailing $4.2M deficit

FILE - In this file photo taken March 30, 2012, University of Arkansas Chancellor G. David Gearhart speaks to board members during a meeting of the University of Arkansas Board of Trustees in Little Rock.

LITTLE ROCK — University of Arkansas trustees have accepted an audit report that detailed a $4.2 million deficit run up by the advancement division at the Fayetteville campus.

Thursday’s discussion took only a few minutes and contained none of the criticism that was heaped on administrators during a recent legislative meeting on the topic.

Trustee John Goodson acknowledged the episode was a “painful” one but said it resulted in stricter financial controls throughout the university system.

The report by the Division of Legislative Audit says the division hired about 20 new fundraisers without having the money in hand to pay them. Two administrators were terminated when the deficit came to light.